Topic: NXT :: descendant of Bitcoin - Updated Information - page 601. (Read 2761626 times)

Is BCNext planning on changing TF to make it ninety percent attack proof?

I think I understand.  The transparency that BCNext was referring to was linking the account to a certain IP.  Correct?

Current implementation not.

As long as it is a bitcoind fork, I estimate a new coin can be added faster than you can download the blockchain. Well, maybe for a brand new coin it will be a close race. Just one file needs to be changed with the gateways addresses and public keys and a few other coin specific details.

Then of course, it has to be tested. Maybe somebody can keep a list of all the coins we should support? I cant do this all by myself.
Can somebody be the project manager? There are many parts of this, but you dont need to be technical, just organized and a little management experience. I know a lot of you are lurking and intimidated by the tech talk, but this is a task of keeping track of the things that need to be done and communicating. The more of this I can offload, the more time I will have for coding. Just saying.

James

Sent 5K TestNxt  , enjoy it .


I'm 4940924250576724047

Ciyam and CfB just figured out how to get it implemented. It will be one of the first two NIP (NXT improvement Proposals) submitted to jean-luc. He has defacto veto power over NIP.

The basic process of creating these NIP has been worked out, subject to community approval.

For things that affect security or are non-controversial, a NIP is submitted to jean-luc after both Ciyam and I come to agreement on it. Since we hardly ever agree on anything, it is safe to say that if we both agree, then it must not be such a bad thing to do. jean-luc is the third vote and he can veto by not implementing it, but I doubt he would stall on security related NIP.

So, the first two NIP we are submitting are to implement TF using Alias to link URI (IP or DNS) address to NXT account. This allows nodes to directly send to the IP address of the next account that will forge.

The other NIP is to seal the potential transaction malleability issue. Not sure what the exact fix is (probably hashing more of the block?), but I am sure that jean-luc will know how to do it.

If anybody objects to this process for security related NIP, please object now.

For non-security related NIP, it would go through a similar process, but it will also require NXT community consensus. We are planning on using VS for the polling.

James

BTER finaly gave me back my 100K Nxt. It took more than one month...

TestNXT please

18124369775920592423

@jl777

i was thinking.. could you set up a gateway for krona and for auroracoin for when auroracoin is airdropped.. giving the people of iceland a decentralised way of trading auroracoin.. as far as i know they wont be able to sell it for USD and trade into krona due to the currency laws.. it would be big publicity for nxt.. and at worst you get 330,000 people who find out what nxt is even if they do just cash out and AUR collapses! it could go a very long way to helping the whole project work...!

Is BCNext planning on changing TF to make it ninety percent attack proof?

Current implementation not.

Current implementation not.

I am doing a nearly atomic exchange of the actual crypto with NXT asset. The only glitch could be during an internal transfer, the NXT asset issuance fails for some reason. I havent had a chance to implement full error handling, it is only 10 days old, but when all the error cases are handled, all the confirmed crypto deposits will match up to confirmed NXT asset transfers.

The actual crypto is put into a multisig account. That is why it took me so long to get the alpha release. I had to tediously construct rawtransactions based on looking at all of the unspent outputs, which I had to recreate since bitcoind (at least dogecoind) didnt seem to properly track multisig transactions.

The AE asset therefore represents not just a promise to pay, but there will be a publicly visible multisig acct with the funds there. There will be a gatewaychain.info analogous to blockchain.info where you can verify deposits and withdrawals and their intermediate state.

To add more weight to the promise to redeem the asset for the crypto, multiple (3) gateways are simultaneously monitoring the NXT blockchain for asset transfers back that are coming in for redemption. All gateways query their local bitcoind and generate a proposed rawtransaction and a signed rawtransaction. Every single byte of the raw transaction must be identical between all of the gateways, then the selected gateway signs the already signed rawtransaction from one of the other gateways and submits it to the network.

I will be creating NODEcoin 2.0, which in addition to rewarding people for forging, will be actively validating all gateway transactions and will generate alerts if it ever detects any funny business. As long as the gateway monitors are happy, all is well. I dont expect more than an occasional yellow alert, when there is a network glitch and a transaction has to be manually resent. With the malleability issue, we need to be careful about blindly trusting any request for manual payment.

As long as the NXT community operated gateways continue to function and two of the independent gateway operators dont collude, all the withdrawals are assured. In case the deposit balance in the multisig accounts get too big, we can always fragment them and have dozens of multisig accts, each with a small fraction of the overall balance. Minimize the size of the acct to remove temptation to steal it, and require cooperation of another party to pull of the withdrawal.

I would think that most people would assess the security of this setup as much more secure than trusting some centralized exchange from going rogue or being hacked (c-cex for 300 BTC, poloniex for 150 BTC both this past week) or going belly up (Mtgox, etc).

Properly implemented after thorough testing and review, there would be no practical difference between trading a NXT AE crypto asset or the real thing. We will get the automated gateway so reliable that we will be able to offer NDIC (NXT deposit insurance), max 10000 NXT per person 100000 NXT total. So if the gateway ever causes a loss, there will be the insurance to cover some of the losses.

James

P.S. Can some marketing types take all this and make it nice and presentable?

CfB, is Nxt 90% attack-proof?